NEW YORK (Reuters) - The U.S. economy may be in recession, based on Midwest manufacturing data, a report said on Thursday.

According to Kingsbury International, a partner of NAPM Chicago which puts out The National Association of Purchasing Management-Chicago business barometer, "the U.S. economy could be in a recession at this time."

"In four of the last five recessions, the slowing of the Chicago business barometer signaled a recession either one or two years later", the report said.

a recession is described as 3 quarters in a row of negative growth. since the last quarter was better than 2.5% growth and we have yet to even have one quarter of negative growth you might be jumping the gun a bit.

a recession is described as 3 quarters in a row of negative growth. since the last quarter was better than 2.5% growth and we have yet to even have one quarter of negative growth you might be jumping the gun a bit.